Citicorp Agents ClubCorp Holdings Facility Amendment
ClubCorp Holdings announced that effective September 30, 2013, the company’s subsidiaries, ClubCorp Club Operations and CCA Club Operations Holdings, completed an amendment of the credit agreement among club operations, ClubCorp Holdings and the lenders from time to time a party thereto. Citicorp North America as administrative and collateral agent.
Among other things, the amended credit agreement:
“We are very pleased with the completion of this transaction as we continue to strengthen our balance sheet. With no significant near term maturities, the amended credit agreement provides us with a lower cost of capital and increased financial flexibility which will allow us to continue to execute our business plan. We are appreciative of the continued support of Citicorp North America and our other lenders,” said Eric Affeldt, the ClubCorp’s president and CEO.
Material terms are outlined in the Form 10-Q filed on July 26, 2013 and a Form 8-K filed on August 30, 2013 by Club Operations with the Securities and Exchange Commission.
Dallas-based ClubCorp owns or operates a portfolio of more than 150 golf and country clubs, business clubs, sports clubs and alumni clubs in 25 states, the District of Columbia and two foreign countries that serve over 360,000 members, with approximately 15,000 peak-season employees.